Citigroup’s Truscott to Depart as UK Investment Banking Head

Citigroup Inc.’s head of investment banking in the UK is leaving, prompting the latest in a series of changes to its London-based leadership.

Andrew Truscott is standing down to become chief executive officer of John Laing Group, the infrastructure investor owned by private equity firm KKR & Co. that’s also a client of Citigroup. He’ll be replaced by Robert Way, a more than two-decade veteran of the bank.

Way will also join the executive committee of Citigroup’s banking, capital markets and advisory business in the UK and Ireland, according to an internal memo. Truscott, a former JPMorgan Chase & Co. banker who joined Citigroup in 2018, will take up his new role at John Laing in the early summer.

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Citigroup ranks third as an adviser on mergers and acquisitions in the UK this year, according to data compiled by Bloomberg. The country represents its largest wallet for investment banking fees in Europe, the Middle East and Africa, James Fleming, Citigroup’s head of BCMA in the UK and Ireland, said in the memo sent on Monday.

The US bank has made a number of changes to its broader EMEA leadership in recent weeks and months.

Last August, Fleming’s former co-head Jan Skarbek, one of the UK’s most high-profile investment bankers, resigned from the firm amid a probe into allegations of misconduct. Earlier in March, the bank named Robin Rousseau and Barry Weir to lead its M&A business in EMEA to replace Alison Harding-Jones.

Separately on Monday, Citigroup said it has appointed veteran dealmaker Gulfraz Qayyum to run its communications investment banking team in EMEA. He will work closely with Yishai Fransis, head of technology for BCMA in the region.